Latest news with #Authority
GMA Network
3 hours ago
- Business
- GMA Network
Marcos inks law extending NHA's corporate term, rationalizing its powers
President Ferdinand ''Bongbong'' Marcos Jr. has signed into law the measure strengthening the National Housing Authority by extending its corporate term and rationalizing its powers. Republic Act No. 12216 also repealed Presidential Decree No. 757, series of 1975. Under the new law, the NHA shall continue to exist as a corporate body in which it shall develop and implement a comprehensive, integrated, and affordable housing programs. The law extending the corporate term of NHA for another 25 years beginning July 31, 2025 was signed on May 29, 2025. Under the administrative supervision of the Department of Human Settlement and Urban Development (DHSUD), the NHA's authorized capitalization shall be increased from P5 billion to P10 billion. The NHA shall exercise the power of succession, to sue and be sued, and to adopt and use a seal which shall be judicially noticed; and it shall also acquire property rights and interests, and encumber or otherwise dispose the same, as it may deem appropriate. Under the new law, the agency is also tasked to develop and maintain a database and census of families and households along waterways, in danger areas, government infrastructure project sites, and government-owned lands in Metro Manila and all regions across the country. It must also establish a socialized and low-cost housing loan restructuring and condonation program, subject to the terms and conditions as the Board of Directors may prescribe. It was also stated that nothing in this Act shall operate to abolish the Authority and affect the validity or legality of any right, duty, or obligation created by or in respect of the Authority prior to the effectivity of this Act. Further, the NHA shall continue to assume all rights, obligations, and liabilities that it had during the effectivity of its original charter. The DHSUD, meanwhile, shall cause the Board to deliberate and reach agreements on the reorganization of the Authority, pursuant to Republic Act No. 11201, especially with regard to the mandates of the Authority and its relations to other key shelter agencies (KSAs) and local government units. —AOL, GMA Integrated News
Fintech News ME
7 hours ago
- Business
- Fintech News ME
Egypt Licenses 16 Fintech Firms to Boost Nonbanking Sector Digitisation
Sixteen companies have received fintech licenses from Egypt's Financial Regulatory Authority (FRA) to support the digital transformation of the nonbanking financial sector, FRA Chairperson Mohamed Farid said on Monday (May 26). Four companies are currently registered to offer outsourcing services, with more expected to follow. Speaking at the Caisec25 information security and cybersecurity conference in Cairo, Farid said around 110 institutions now meet the FRA's cybersecurity requirements. He noted, however, that the FRA oversees more than 3,500 entities across various financial activities. The four outsourcing firms operate under a dedicated FRA registry and provide electronic identification, verification, and authentication; digital customer onboarding; electronic contracting; and digital record storage and retrieval. Farid said the FRA aims to build a secure environment that strengthens the nonbanking sector's role in the economy. 'As the regulator of the nonbanking financial sector, which includes capital markets, insurance, and financing activities, the Authority places significant importance on cybersecurity,' he said. 'This involves developing policies and systems to protect customer data and ensure market stability.' He added that the FRA recognises cyberattacks and data breaches as major threats. 'The accelerating pace of digital transformation creates opportunities but also increases cyber risks,' he said. 'This requires urgent development of policies and systems that support sound fintech governance.' Farid also pointed to rapid developments in artificial intelligence, saying institutions must be prepared to manage associated risks and recover from disruptions. 'We need a resilient nonbanking sector that can use technology effectively while handling risks efficiently.' He said building technical capabilities must be matched by improving workforce skills. 'The human element remains central. Specialists in cybersecurity must ensure continuous and comprehensive training for staff.' This follows a recent push by the FRA to digitise financial services, driven by executive decisions under Law No. 5 of 2022, which provides a legal framework for using technology in nonbanking finance.
Time of India
12 hours ago
- General
- Time of India
Over 40 Noida societies lack pollution board nod to operate STPs
NOIDA : An RTI reply has revealed that 43 group housing societies in the city lack the mandatory consent to operate (CTO) for their sewage treatment plants (STPs). CTO is a mandatory authorisation issued by the Uttar Pradesh Pollution Control Board ( UPPCB ) under the Water (Prevention and Control of Pollution) Act and the Air (Prevention and Control of Pollution) Act. It permits industries, commercial establishments, and group housing societies to operate their facilities while ensuring that their emissions, effluents, and waste management systems comply with environmental standards. Amit Gupta, a resident of Prateek Wisteria in Sector 77, had filed an RTI application on April 29 asking the pollution control board for the list of societies without CTOs, the action taken against them, fines imposed and recovered, and the names of those societies against which cases were filed in the Special Pollution Court in Lucknow. In its reply dated May 20, UPPCB stated that 43 group housing societies did not obtain the required CTO for their STPs. The list included prominent names such as Lotus Boulevard, Supertech Capetown, Sikka Karmic, Logix Blossom County, Antriksh Golf View, Ajnara Grand Heritage, Prateek Wisteria, NRI City Homes, and Logix Blossom Zest, among others. As per the reply, prosecution proceedings have been initiated against 34 of the identified societies. Of these, environmental compensation amounting to Rs 27 crore has been imposed on 30. Notices were sent to the rest. However, the board stated it had no data in its records on how much of the fines were actually recovered. The current status of these cases in the special court was not available with the office. Lack of CTOs does not necessarily mean that societies do not have functional STPs. On the other hand, in some cases, it may also indicate that societies never had STPs to begin with. Additionally, many of them lack Occupancy Certificates (OC) and Completion Certificates (CC), pointing to a major procedural failure. For example, Gupta's society, Prateek Wisteria, does not have a CTO but has had a functional STP since 2019. "A large number of societies do not have CTOs to operate STPs, which suggests that occupancy and completion certificates were issued without the Authority verifying the status of STPs. Of these 43 societies, about 60%-70% are located in sectors 74, 75, 76, 77, and 78. Many of them cannot even install STPs now due to lack of space within the premises and insufficient funds, as the builder has already handed over the project. The Authority should intervene and lay a separate sewage pipeline connecting these societies to the nearest operational STP in Sector 50," Gupta told TOI. Pointing out the lack of coordination between the UPPCB and the Noida Authority, Gupta stated, "The Authority and the pollution control board are not working together on this issue. They conduct inspections separately and impose fines independently. Often, they are not even aware of each other's actions. Also, the responsibility of establishing STPs and obtaining CTOs lies with the builder, as per the law. It is not the responsibility of the AOA." Meanwhile, Noida Authority officials said they are monitoring societies flouting environmental norms. Noida CEO Lokesh M said, "OC/CCs are issued after checking whether societies have facilities such as STPs, fire safety, and lift clearances. It is more of an operational issue, as the societies fail to run these facilities properly after homebuyers start living there. The Authority takes action as public health is at stake. However, it is the pollution control board's primary responsibility to impose fines and take legal action. As far as the Authority is concerned, we will continue with our enforcement drive." In a recent drive, the Authority took action against eight societies that either lacked functional STPs or were discharging untreated sewage into open drains, bypassing norms that require treated water to be released into sewer lines. These included RG Residency in Sector 120, Sikka Karmic in Sector 78, Lotus Boulevard in Sector 100, Lotus Panache in Sector 110, Purvanchal Royal Park in Sector 137, Aims Max Gardenia in Sector 75, Prateek Stylome in Sector 45, and Amrapali Silicon City in Sector 76. The drive also extended to Maharishi Ashram near Lotus Panache. The Authority wrote to the registrar of firms, societies, and chits in Meerut seeking cancellation of registration for both the Ashram and the Panache society. However, the Allahabad High Court stayed coercive action against RG Residency. Noida officials said that an environmental cell has been formed to verify whether STPs have been installed. The cell has been asked to compile data on STPs in all group housing societies. As per rules, all residential societies with a floor area of 20,000 sqm or more must have an STP. No new OC is currently being issued without verifying the CTO for the society's STP, officials added.
Observer
13 hours ago
- Business
- Observer
Renewed visual identity to empower entrepreneurship
Muscat, June 1 In order to empower the entrepreneurship sector, the Authority for Small and Medium Enterprises Development (ASMED) has launched its new visual identity, with the support of Shaikh Suba'a bin Hamdan al Saadi, Secretary-General of the Secretariat-General of National Celebrations. The Authority has emerged as an entity with the goal of supporting and developing the sector, contributing to the achievement of Oman Vision 2040 which aims for a sustainable, knowledge-based and innovation-driven economy. Recognising this pivotal role, a modern corporate visual identity was developed to reflect the Authority's vision, mission and core values, portraying it as a supportive and enabling entity for small and medium enterprises and entrepreneurs in the Sultanate of Oman. Halima al Zari, Chairperson of ASMED, stated, "We are pleased to launch the new visual identity. This is a testament to the Royal directives to make small and medium enterprises the foundation of the Omani economy. We will continue on this path in collaboration with our partners, embarking on a new journey of giving, belonging and innovation to support entrepreneurs for a prosperous economic future in the Sultanate of Oman and to achieve Oman Vision 2040." It is common for organisations to update their visual identity, with 75 per cent of companies redesigning their brand since 2020 in response to rapid changes in the market and public behaviour. The Authority's visual identity change was necessary to keep up with the fast-paced transformations in the business environment, improve communication with all sectors of the public, enhance digital interaction and support expansion and growth. The Authority mentioned that the identity development process involved a collaborative approach, including research and analysis of global and regional experiences, workshops and seminars, defining the strategy through vision, mission, values, and brand personality, as well as creative design elements such as logo design, colour and font selection and visual identity development.
Sharjah 24
16 hours ago
- Sharjah 24
Al Darei: UAE commends Saudi Hajj system for serving pilgrims
The meeting was also attended by His Excellency Ahmed Rashid Al-Neyadi, Director General of the Authority and Deputy Chairman of the Hajj Affairs Office, along with senior officials from both countries. Strengthening the strategic partnership Dr Al Darei expressed the UAE's appreciation for the strong collaboration with the Saudi Ministry of Hajj and Umrah. He lauded Saudi Arabia's ongoing efforts to monitor and serve pilgrims, noting that the Kingdom's continual infrastructure expansion, integration of advanced technologies, and personnel training have significantly contributed to a seamless and spiritually fulfilling pilgrimage experience. A shared vision for Hajj services The two sides explored opportunities to further enhance coordination in providing exceptional Hajj services. Discussions included improving logistical, healthcare, and awareness services in alignment with the UAE's strategy of offering smart, sustainable solutions for pilgrims. Dr Al Darei also presented the UAE Hajj Affairs Office's latest initiatives, such as new digital registration platforms, underscoring the nation's commitment to pilgrim wellbeing and satisfaction. Reinforcing fraternal relations The meeting underscored the deep-rooted fraternal ties between the UAE and Saudi Arabia, highlighting their shared dedication to collaboration in ensuring safe, dignified, and spiritually enriching experiences for all pilgrims.
